For help and advice on accounting for leases please get in touch with your usual BDO contact or Mark Edwards. From 1 January 2019, IFRS 16, will impact on the way leases are accounted for by lessees in terms of recognition, measurement, presentation and disclosure. This BDO In Practice sets out the requirements of IFRS 16 in relation to the classification and measurement of leases from the perspective of lessees and lessors and compares those requirements to the previous standards, primarily IAS 17. ... BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. For more on the above, please contact your local BDO representative. Backed by one of the world’s largest accounting and consulting networks, BDO offers the depth of resources to address complex technical issues – as well as the guidance of professionals who are … What is covered in the Cheat Sheet In order to navigate through this area of NZ IFRS 16, this Cheat Sheet is broken down into the following sections: If we look at the definition of cost within IFRS 16, this means that the initial measurement of the right-of-use asset is calculated as follows: Initial lease liability Plus This BDO In Practicesets out the requirements of IFRS 16 in relation to the classification and measurement of leases from the perspective of lessees and lessors and compares those requirements to the previous standards, primarily IAS 17. In contrast, for lessors, the accounting requirements have largely been carried forward unchanged from IAS 17. There is also a range of E-learning and online videos available covering IFRS 16 on the BDO Global website. Instead, an entity is permitted to: Apply IFRS 16 to contracts that were previously identified as leases applying IAS 17 and IFRIC 4, and ... BDO je jméno pro síÅ¥ firem BDO a pro každou BDO členskou firmu. Financial Services BDO’s financial services team members come from a variety of exceptional backgrounds, blending their experience to develop new insights and add real value to your business. BDO LEAD - Lease Accounting Software NZ IFRS 16 becomes effective for year ends 31 December 2019 and beyond, and fundamentally transforms the way lessees will account for their leases. 2019/04 – Lease Term (IFRS 16) 2019/03 – IAS 12 deferred tax; 2019/02 – Tentative amendments to IFRS 17; 2019/01 – Impact of IFRS 9 15 and 16 on business combinations IFRS 16 removes the distinction between operating (“off balance sheet”) and finance (“on balance sheet”) leases for lessees. www.bdo.global IFRS AT A GLANCE IAS 16 Property, Plant and Equipment. IFRS 16 Leases is the new accounting standard that will likely to cause significant changes to mining companies’ financial statements. New leases standard, IFRS 16 Leases. Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. This BDO IFRS In practice details the requirements of IFRS 16 and includes numerous practical examples. Orginal content provided by BDO Global. The adoption of IFRS 16 by lessors, however, will not be complex as IFRS 16 retains the IAS 17 Leases accounting treatment for lessors. On 13 January 2016, the IASB issued IFRS 16 Leases, which supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC 15 Operating Leases-Incentives and SIC 27 Evaluating the Substance of Transactions Involving the Legal … Get regular updates on the discussions and agenda of IFRS Interpretation committee about key specific areas of IFRS with comments from BDO Global IFR advisory team. Financial Services BDO’s financial services team members come from a variety of exceptional backgrounds, blending their experience to … IFRS 16 has been developed to replace the existing suite of standards and interpretations on leases, notably IAS 17. In addition, the adoption of IFRS 16 will require additional investment in human and technological resources, in particular for those entities that are lessees in a large number of leases or where there are complex lease calculations. IFRS 16 includes a practical expedient so that an entity is not required to reassess whether a contract is, or contains, a lease at the date of initial application. In practice details the requirements of IFRS 16 removes the distinction between (. Leases is the brand name for the BDO Global website developed to replace the existing suite of and. Reporting and the rapid pace of change has led to significant increase in demand for expert accounting advice Ltd! 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